Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks

Abedifar, 2013, Risk in Islamic banking, Rev. Finan., 17, 2035, 10.1093/rof/rfs041 Acharya, 2012, Imperfect competition in the interbank market for liquidity as a rational for central banking, Am. Econ. J. Macroecon., 4, 184, 10.1257/mac.4.2.184 Ahamed, 2017, Is financial inclusion good for bank stability? International evidence, J. Econ. Behav. Organ., 10.1016/j.jebo.2017.07.027 Ahmad, 2008, The determinants of bank capital ratios in a developing economy, Asia-Pacific Finan. Markets., 15, 255, 10.1007/s10690-009-9081-9 Akins, 2016, Bank competition and financial stability: evidence from the financial crisis, J. Financ. Quant. Anal., 51, 1, 10.1017/S0022109016000090 Allen, 2000 Allen, 2004, Competition and financial stability, J. Money Credit Bank., 36, 453, 10.1353/mcb.2004.0038 Alqahtani, 2018, Financial stability of Islamic banking and the global financial crisis: evidence from the gulf cooperation council, Econ. Syst., 42, 346, 10.1016/j.ecosys.2017.09.001 Andrieş, 2014, The nexus between competition and efficiency: the European banking industries experience, Int. Bus. Rev., 23, 566, 10.1016/j.ibusrev.2013.09.004 Anginer, 2014, How does competition affect bank systemic risk?, J. Financ. Intermed., 23, 1, 10.1016/j.jfi.2013.11.001 Antoniou, 2008, The determinants of capital structure: capital market-oriented versus bank-oriented institutions, J. Financ. Quant. Anal., 43, 59, 10.1017/S0022109000002751 Apergis, 2016, New evidence on assessing the level of competition in the European Union banking sector: a panel data approach, Int. Bus. Rev., 25, 395, 10.1016/j.ibusrev.2015.07.003 Arcand, 2015, Too much finance?, J. Econ. Growth, 20, 105, 10.1007/s10887-015-9115-2 Ashraf, 2016, A net stable funding ratio for Islamic banks and its impact on financial stability: an international investigation, J. Financ. Stab., 25, 47, 10.1016/j.jfs.2016.06.010 Athanasoglou, 2008, Bank-specific, industry-specific and macroeconomic determinants of bank profitability, J. Int. Financ. Mark. Inst. Money, 18, 121, 10.1016/j.intfin.2006.07.001 Baele, 2007, Does the stock market value bank diversification?, J. Bank. Financ., 31, 1999, 10.1016/j.jbankfin.2006.08.003 Barth, 2014, An analysis of resolving too-big-to-fail banks throughout the United States, J. Reg. Anal. Policy, 44, 1 Baum, 2013, Debt and growth: new evidence for the euro area, J. Int. Money Financ., 32, 809, 10.1016/j.jimonfin.2012.07.004 Beck, 2008, Bank competition and financial stability: friends or foes? Beck, 2006, Bank concentration, competition, and crises: first results, J. Bank. Financ., 30, 1581, 10.1016/j.jbankfin.2005.05.010 Beck, 2013, Bank competition and stability: cross-country heterogeneity, J. Financ. Intermed., 22, 218, 10.1016/j.jfi.2012.07.001 Beck, 2013, Islamic vs. conventional banking: business model, efficiency and stability, J. Bank. Financ., 37, 433, 10.1016/j.jbankfin.2012.09.016 Berger, 2009, Bank liquidity creation, Rev. Financ. Stud., 22, 3779, 10.1093/rfs/hhn104 Berger, 2007, Does market size structure affect competition? The case of small business lending, J. Bank. Financ., 31, 11, 10.1016/j.jbankfin.2005.10.010 Berger, 2009, Bank competition and financial stability, J. Financ. Serv. Res., 35, 99, 10.1007/s10693-008-0050-7 Bitar, 2016, Bank risk and performance in the MENA region: the importance of capital requirements, Econ. Syst., 40, 398, 10.1016/j.ecosys.2015.12.001 Bofondi, 2004 Bitar, 2017, What makes Islamic banks different? A multivariate approach, Econ. Syst., 41, 215, 10.1016/j.ecosys.2016.06.003 Boone, 2001, Intensity of competition and the incentive to innovate, Int. J. Ind. Organ., 19, 705, 10.1016/S0167-7187(00)00090-4 Boone, 2008, A new way to measure competition, Econ. J., 118, 1245, 10.1111/j.1468-0297.2008.02168.x Bouheni, 2017, Cyclical behavior of the financial stability of Eurozone commercial banks, Econ. Model., 67, 392, 10.1016/j.econmod.2017.02.018 Boyd, 2005, The theory of bank risk taking and competition revisited, J. Financ., 60, 1329, 10.1111/j.1540-6261.2005.00763.x Boyd, 1993, Size and performance of banking firms: testing the predictions of theory, J. Monet. Econ., 31, 47, 10.1016/0304-3932(93)90016-9 Boyd, 2006, Bank risk-taking and competition revisited: new theory and new evidence Busch, 2009, Income diversification in the German banking industry Calderon, 2016, The effects of government interventions in the financial sector on banking competition and the evolution of zombie banks, J. Financ. Quant. Anal., 51, 1391, 10.1017/S0022109016000478 Chaibi, 2015, Credit risk determinants: evidence from a cross-country study, Res. Int. Bus. Financ., 33, 1, 10.1016/j.ribaf.2014.06.001 Checherita-Westphal, 2012, The impact of high government debt on economic growth and its channels: an empirical investigation for the euro area, Eur. Econ. Rev., 56, 1392, 10.1016/j.euroecorev.2012.06.007 Chiorazzo, 2008, Income diversification and bank performance: evidence from Italian banks, J. Financ. Serv. Res., 33, 181, 10.1007/s10693-008-0029-4 Claessens, 2014, Foreign banks: trends and impact, J. Money Credit Bank., 46, 295, 10.1111/jmcb.12092 Clark, 2018, Cooperative banks: what do we know about competition and risk preferences?, J. Int. Financ. Mark. Inst. Money, 52, 90, 10.1016/j.intfin.2017.09.008 Clerides, 2015, A new data set on competition in national banking markets, Financ. Mark. Inst. Instrum., 24, 267, 10.1111/fmii.12030 Craig, 2013, Deposit market competition, wholesale funding, and bank risk, J. Bank. Financ., 37, 3605, 10.1016/j.jbankfin.2013.05.010 Cubillas, 2014, Financial liberalization and bank risk-taking: international evidence, J. Financ. Stab., 11, 32, 10.1016/j.jfs.2013.11.001 Cyree, 2012, The effects of big-bank presence on the profit efficiency of small banks in rural markets, J. Bank. Financ., 36, 2593, 10.1016/j.jbankfin.2012.05.015 Demirgüç-Kunt, 2010, Bank activity and funding strategies: the impact on risk and returns, J. Financ. Econ., 98, 626, 10.1016/j.jfineco.2010.06.004 Demsetz, 1973, Industry structure, market rivalry, and public policy, J. Law Econ., 16, 1, 10.1086/466752 Diamond, 1983, Bank runs, deposit insurance, and liquidity, J. Polit. Econ., 91, 401, 10.1086/261155 Diamond, 2012, Illiquid banks, financial stability, and interest rate policy, J. Polit. Econ., 120, 552, 10.1086/666669 Dimitrios, 2016, Determinants of non-performing loans: evidence from euro-area countries, Financ. Res. Lett., 18, 116, 10.1016/j.frl.2016.04.008 Doumpos, 2017, Bank overall financial strength: Islamic versus conventional banks, Econ. Model., 64, 513, 10.1016/j.econmod.2017.03.026 Fang, 2014, Institutional development and bank stability: evidence from transition countries, J. Bank. Financ., 39, 160, 10.1016/j.jbankfin.2013.11.003 Fiordelisi, 2014, Competition and financial stability in European cooperative banks, J. Int. Money Financ., 45, 1, 10.1016/j.jimonfin.2014.02.008 Fiordelisi, 2011, Efficiency and risk in European banking, J. Bank. Financ., 35, 1315, 10.1016/j.jbankfin.2010.10.005 Fu, 2014, Bank competition and financial stability in Asia Pacific, J. Bank. Financ., 38, 64, 10.1016/j.jbankfin.2013.09.012 Ghosh, 2013, Fiscal fatigue, fiscal space and debt sustainability in advanced economies, Econ. J., 123, 4, 10.1111/ecoj.12010 Goetz, 2017, Competition and bank stability, J. Financ. Intermed. Golin, 2013 González, 2017, Competition, concentration and risk taking in banking sector of MENA countries, Res. Int. Bus. Financ., 42, 591, 10.1016/j.ribaf.2017.07.004 Haan, 2012, Bank size, market concentration, and bank earnings volatility in the US, J. Int. Financ. Mark. Inst. Money, 22, 35, 10.1016/j.intfin.2011.07.002 Hassan, 2018, A contemporary survey of Islamic banking literature, J. Financ. Stab., 34, 12, 10.1016/j.jfs.2017.11.006 Hellmann, 2000, Liberalization, moral hazard in banking, and prudential regulation: are capital requirements enough?, Am. Econ. Rev., 90, 147, 10.1257/aer.90.1.147 Hicks, 1935, Annual survey of economic theory: the theory of monopoly, Econometrica J. Econom. Soc., 3, 1, 10.2307/1907343 Ho, 2006, Benchmarking performance indicators for banks, Benchmarking Int. J., 13, 147, 10.1108/14635770610644646 Hutchison, 2007, The causal relationship between bank capital and profitability, Ann. Fin. Econ., 3, 40 International Monetary Fund Jeon, 2013, Bank competition and financial stability: a comparison of commercial banks and mutual savings banks in Korea, Pac. Basin Financ. J., 25, 253, 10.1016/j.pacfin.2013.10.003 Jiménez, 2007 Jiménez, 2013, How does competition affect bank risk-taking?, J. Financ. Stab., 9, 185, 10.1016/j.jfs.2013.02.004 Kabir, 2017, The ‘competition–stability/fragility’ nexus: a comparative analysis of Islamic and conventional banks, Int. Rev. Financ. Anal., 50, 111, 10.1016/j.irfa.2017.02.006 Kasman, 2015, Bank competition, concentration and financial stability in the Turkish banking industry, Econ. Syst., 39, 502, 10.1016/j.ecosys.2014.12.003 Kato, 2016, The safer, the riskier: a model of financial instability and bank leverage, Econ. Model., 52, 71, 10.1016/j.econmod.2015.04.016 Kaufman, 2014, Too big to fail in banking: what does it mean?, J. Financ. Stab., 13, 214, 10.1016/j.jfs.2014.02.004 Keeley, 1990, Deposit insurance, risk, and market power in banking, Am. Econ. Rev., 80, 1183 King, 1993, Finance and growth: Schumpeter might be right, Q. J. Econ., 108, 717, 10.2307/2118406 Laeven, 2009, Bank governance, regulation and risk taking, J. Financ. Econ., 93, 259, 10.1016/j.jfineco.2008.09.003 Lee, 2014, Bank reforms, foreign ownership, and financial stability, J. Int. Money Financ., 40, 204, 10.1016/j.jimonfin.2013.09.001 Lerner, 1934, The concept of monopoly and the measurement of monopoly power, Rev. Econ. Stud., 1, 157, 10.2307/2967480 Leroy, 2016, Banking competition, financial dependence and productivity growth in Europe, Int. Econ., 10.1016/j.inteco.2016.01.001 Leroy, 2017, Is there a competition-stability trade-off in European banking?, J. Int. Financ. Mark. Inst. Money, 46, 199, 10.1016/j.intfin.2016.08.009 Liu, 2013, Competition and risk in Japanese banking, Eur. J. Financ., 19, 1, 10.1080/1351847X.2011.633614 Liu, 2016, The global financial crisis and stock market reaction to bank loan announcements, Front. Bus. Res. China, 10, 176 Liu, 2012, Competition and risk in south east Asian commercial banking, Appl. Econ., 44, 3627, 10.1080/00036846.2011.579066 Louati, 2015, Banks' stability-efficiency within dual banking system: a stochastic frontier analysis, Int. J. Islam. Middle East. Financ. Manag., 8, 472, 10.1108/IMEFM-12-2014-0121 Lui, 2013, Macro and micro prudential regulatory failures between banks in the United Kingdom and Australia 2004–2009, J. Financ. Regul. Compliance, 21, 241, 10.1108/JFRC-10-2012-0044 Marcus, 1984, Deregulation and bank financial policy, J. Bank. Financ., 8, 557, 10.1016/S0378-4266(84)80046-1 Martinez-Miera, 2010, Does competition reduce the risk of bank failure?, Rev. Financ. Stud., 23, 3638, 10.1093/rfs/hhq057 Mathuva, 2009, Capital adequacy, cost income ratio and the performance of commercial banks: the Kenyan Scenario, Int. J. Appl. Econ. Finan., 3, 35, 10.3923/ijaef.2009.35.47 Mollah, 2017, The governance, risk-taking, and performance of Islamic banks, J. Financ. Serv. Res., 51, 195, 10.1007/s10693-016-0245-2 Naceur, 2011, The effects of bank regulations, competition, and financial reforms on banks' performance, Emerg. Mark. Rev., 12, 1, 10.1016/j.ememar.2010.08.002 Neaime, 2018, Financial inclusion and stability in MENA: evidence from poverty and inequality, Financ. Res. Lett., 24, 230, 10.1016/j.frl.2017.09.007 Noman, 2017, Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis, PLoS ONE, 12, 1, 10.1371/journal.pone.0176546 Noman, 2018, Does bank regulation matter on the relationship between competition and financial stability? Evidence from southeast Asian countries, Pac. Basin Financ. J., 48, 144, 10.1016/j.pacfin.2018.02.001 Olson, 2011, Efficiency and bank profitability in MENA countries, Emerg. Mark. Rev., 12, 94, 10.1016/j.ememar.2011.02.003 Ozili, 2018, Impact of digital finance on financial inclusion and stability, Borsa Istanbul Rev., 10.1016/j.bir.2017.12.003 Pawlowska, 2016, Does the size and market structure of the banking sector have an effect on the financial stability of the European Union?, J. Econ. Asymmetries, 14, 112, 10.1016/j.jeca.2016.07.009 Petersen, 1995, The effect of credit market competition on lending relationships, Q. J. Econ., 110, 407, 10.2307/2118445 Safiullah, 2018, Risk in Islamic banking and corporate governance, Pac. Basin Financ. J., 47, 129, 10.1016/j.pacfin.2017.12.008 Salas, 2003, Deregulation, market power and risk behaviour in Spanish banks, Eur. Econ. Rev., 47, 1061, 10.1016/S0014-2921(02)00230-1 Sanya, 2011, Can banks in emerging economies benefit from revenue diversification?, J. Financ. Serv. Res., 40, 79, 10.1007/s10693-010-0098-z Schaeck, 2014, Competition, efficiency, and stability in banking, Financ. Manag., 43, 215, 10.1111/fima.12010 Schaeck, 2008 Soedarmono, 2013, Bank competition, crisis and risk taking: Evidence from emerging markets in Asia, J. Int. Financ. Mark. Inst. Money, 23, 196, 10.1016/j.intfin.2012.09.009 Srairi, 2010, Cost and profit efficiency of conventional and Islamic banks in GCC countries, J. Prod. Anal., 34, 45, 10.1007/s11123-009-0161-7 Stiroh, 2004, Do community banks benefit from diversification?, J. Financ. Serv. Res., 25, 135, 10.1023/B:FINA.0000020657.59334.76 Tabak, 2012, The relationship between banking market competition and risk-taking: do size and capitalization matter?, J. Bank. Financ., 36, 3366, 10.1016/j.jbankfin.2012.07.022 Turk Ariss, 2010, On the implications of market power in banking: evidence from developing countries, J. Bank. Financ., 34, 765, 10.1016/j.jbankfin.2009.09.004 Turk-Ariss, 2009, Competitive behavior in Middle East and North Africa banking systems, Q. Rev. Econ. Financ., 49, 693, 10.1016/j.qref.2008.03.002 Valverde, 2007, The determinants of bank margins in European banking, J. Bank. Financ., 31, 2043, 10.1016/j.jbankfin.2006.06.017 Vazquez, 2015, Bank funding structures and risk: evidence from the global financial crisis, J. Bank. Financ., 61, 1, 10.1016/j.jbankfin.2015.08.023 Zins, 2016, The determinants of financial inclusion in Africa, Rev. Dev. Financ., 6, 46, 10.1016/j.rdf.2016.05.001 Zins, 2017, Islamic banking and risk: the impact of Basel II, Econ. Model., 64, 626, 10.1016/j.econmod.2017.05.001